Limited Moments of Opportunity!
What’s New?
Good news is on the horizon! After years of waiting for the conforming loan limit to increase in areas with higher than average median homes prices (that’s us) – Congress is working quickly to allow government-sponsored Fannie and Freddie Mac and FHA mortgage programs to adjust from the curent conforming loan limit of $417,000 to as much as $729,750! Stay tuned! (This may be a temporary one-year incentive.) Perhaps as soon as mid-February, you may be in a better position to enter the marketplace as a first time buyer, or increase the available equity on your current property towards a move-up purchase.
I will keep you updated on this exciting piece of news!
Last week, rates on 30-year fixed mortgages fell to as low as 5.25%. Today, that same loan stands at 5.75%. Astonishingly, lenders were so inundated with demand, they literally could not service all of the requests for loans. By last Wednesday afternoon, buyers were locked out as computers froze from the crush. If you have been waiting to refinance, now is the time to contact your mortgage broker and start the necessary paperwork. Seize these limited moments of opportunity. Should the right property come along, you’ll be positioned to pull the trigger!
One caveat – expect ALL new loans to continue to require documented income and strong down payments – as well as better than average FICO scores.
What is FICO? (Fair Isaac Credit Organization) In short, it is your credit rating. A FICO Report generates a number, based on your credit history. In this more conservative lending marketplace, it is critical that your FICO scores be better than average (preferably above 700). This is where a qualified mortgage broker is paramount to the process. Aside from shopping lender to lender to secure you the lowest rate on any given day, a good mortgage broker is proactive in helping you correct or cure any black marks on your credit history. Need help finding the right mortgage broker? Please feel free to give me a call. I know several great brokers ready to assist you, or log on to LaSallefinance.com to select your own.
What’s Coming?
Debra Dryden is bringing to market a Cityscape Jewel with bay views on McAndrew Drive on the Piedmont side of Montclair. This beautiful Miller Warnecke Tudor Traditional on manicured grounds, features sunken living room with original stone fireplace, beams, and leaded glass, formal dining room, library, chef’s kitchen, 3+ bedrms/2.5 bths, and extensive upgrades throughout. Open Sunday, February 10, 2-5 pm.
Super Bowl Sunday is this weekend. Accordingly, The GRUBB Co. acknowledges and honors your need to be in front of the largest flat-screen television you can find by kick-off time (preferably with nachos and a beverage)! Need to stretch your legs at half time? The GRUBB Co. will have 33 properties open for viewing this weekend, but will be holding the bulk of these listings open from 1-3, instead of 2-4:30. With all due repsect to the Giants and the Patriots, the most important end-zone could be your new home!
What’s Pending?
A gracious Traditional on Scenic Avenue went pending in quick time, with multiple offers, and well above asking! With so little inventory on the market, I believe now is an excellent time to list your property.
Did you have an opportunity to see 6030 Harbord Drive before it went pending last week? This cool Mid-Century Contemporary on the Piedmont side of Montclair has become the “market maker” for this neighborhood, procuring multiple offers and capturing the optimum sales price!
If these last few sales are any indication of demand, motivated and willing buyers are waiting in the wings!
What’s Happening Now?
Last week, I had the opportunity to refer my newest buyers (a family from Chicago) to Tom Hart, a terrific REALTOR with Empire Realty, out in Danville. After listening to their objectives and concerns, it was clear to me, that their family’s needs were better aligned with the communities through the tunnel. (Say it ain’t so!) While giving up well-qualified buyers is never easy, the truth is I know the Lamorinda destinations only well enough to get from ball game to ball game (chalk it up to Little League).
Real estate, by its very nature, is a local business. Limited time means that each agent and company is destined to become an expert in their own communities. Now in our 41st year, The GRUBB Co. proudly and expertly represents Oakland, Piedmont, Rockridge, Berkeley, Kensington, El Cerrito, and Albany – where we dominate in these marketplaces as a result!
The lesson here? Work locally! I have established a very qualified network of agents throughout the Bay Area. If you or any of your friends need assistance outside our community, give me a call.
What’s Fun?
The latest Red Book has arrived! Each year, The GRUBB Co. mails out more than 25,000 Red Books, featuring some of our most notable and outstanding listings. This glossy publication is distributed to San Francisco, Marin and the Peninsula and highlights our finest, luxury properties. Look for this promotional magazine in the Nob Hill Gazette or stop by our offices in Montclair or Berkeley if you just can’t wait. It is stunning!
The Piedmont Plug!
Please mark your calendars for the CSL Kitchen and Home Tour. The Children’s Support League (CSL) will be celebrating its 20th annual Kitchen and Home Tour this April 25-26, featuring five lovely, local homes – four here in Piedmont and one in Upper Rockridge. After touring these fantastic properties, plan on visiting the Piedmont Community Center to enjoy a box lunch and some special shopping at the boutiques (just in time for Mother’s Day). CSL is currently seeking docents for this fun event and will provide a complimentary ticket for the tour in exchange for your time. Please contact Debbi DiMaggio at dimaggio@grubbco.com or at 414-6777, if you are interested.
(I have already signed up! )
See you next Week!